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October 18, 2012

Jobless claims jump 46,000

by Rylan Stewart
The Central Coast Lending newsroom covers the latest real estate, mortgage, and economic developments. From news coverage to features and analysis, we track trending local, national and global stories. Questions? Email us or comment below.

Last week, it was reported that jobless claims fell 30,000 to 339,000 overall during the October 6 week, which would have been the lowest level in four years. CNBC dug into the numbers and initially concluded that the drop had to do with a quirk in the seasonal adjustment metric.

California, it turns out, was responsible for the mix up, as it had failed to process additional delayed applications.

A week later, unemployment numbers have returned to the level we might have expected, jumping 46,000.

The four-week average, which helps smooth out bumps like this, sits at 365,000, which is about average for modest hiring.

 

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